CarGurus, Inc. (NASDAQ:CARG) Short Interest Down 5.8% in January

CarGurus, Inc. (NASDAQ:CARG) saw a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 5,320,000 shares, a decrease of 5.8% from the January 15th total of 5,650,000 shares. Based on an average daily volume of 719,100 shares, the days-to-cover ratio is currently 7.4 days. Approximately 6.4% of the shares of the company are short sold.

Insider Buying and Selling at CarGurus

In other CarGurus news, CEO Zachary Emerson Hallowell sold 4,580 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $163,872.40. Following the completion of the transaction, the chief executive officer now directly owns 120,051 shares of the company’s stock, valued at approximately $4,295,424.78. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Dafna Sarnoff sold 10,570 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $378,194.60. Following the sale, the chief marketing officer now directly owns 95,261 shares in the company, valued at $3,408,438.58. The trade was a 9.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,388 shares of company stock valued at $2,204,338. 17.20% of the stock is owned by insiders.

Hedge Funds Weigh In On CarGurus

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of CarGurus by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company’s stock worth $353,959,000 after buying an additional 225,430 shares during the last quarter. Wellington Management Group LLP grew its position in CarGurus by 12.7% in the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock worth $261,091,000 after acquiring an additional 802,602 shares during the period. State Street Corp increased its stake in CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after acquiring an additional 151,862 shares during the last quarter. Geode Capital Management LLC raised its position in CarGurus by 3.8% in the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock valued at $61,728,000 after purchasing an additional 74,730 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of CarGurus by 168.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock valued at $55,704,000 after purchasing an additional 957,035 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

CarGurus Stock Up 0.5 %

NASDAQ CARG opened at $39.97 on Wednesday. CarGurus has a 52 week low of $21.18 and a 52 week high of $41.33. The business’s fifty day simple moving average is $37.90 and its 200-day simple moving average is $33.43. The firm has a market cap of $4.14 billion, a PE ratio of -86.88, a P/E/G ratio of 1.79 and a beta of 1.59.

Analyst Ratings Changes

Several analysts have recently issued reports on CARG shares. Royal Bank of Canada boosted their target price on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. DA Davidson raised their target price on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday, November 8th. JMP Securities reiterated a “market outperform” rating and set a $46.00 price target on shares of CarGurus in a research report on Monday, December 16th. Finally, Needham & Company LLC increased their price objective on CarGurus from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.41.

CarGurus Company Profile

CarGurus, Inc operates an online automotive platform for buying and selling vehicles in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale. The company provides an online automotive marketplace where customers can search for new and used car listings from its dealers and sell their car to dealers and other consumers; and paid listings subscriptions for enhanced access to its marketplace that connects dealers to a large audience of informed and engaged consumers.